Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

U.S. Oil investors back energy transition plans at shareholder meetings

Commodities May 26, 2022 06:02AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. FILE PHOTO: An Exxon sign is seen at a gas station in the Chicago suburb of Norridge, Illinois, U.S., October 27, 2016. REUTERS/Jim Young 2/2

By Sabrina Valle

HOUSTON (Reuters) - Shareholders of Exxon Mobil Corp (NYSE:XOM) and Chevron Corp (NYSE:CVX) on Wednesday voted in favor of the energy transition strategies proposed by the two largest U.S. oil producers, following similar support of European oil firms' climate plans.

Major oil producers this year flipped the script and won over investors with recent steps to minimize carbon emissions as worries over energy security and fuel prices overshadowed environmental concerns at this year's meetings.

Only 33% of Chevron shareholders and 28% of Exxon's voted in favor of climate proposals filed by activist group Follow This at their annual shareholder meetings on Wednesday.

Chevron holders voted against a proposal for more stringent action on addressing emissions from consumers burning its fuels, known as scope 3.

At Exxon, results marked a major shift from a year-ago when activist investors secured three seats on its board, a governance landmark. The company has since allocated $2.5 billion per year for projects to minimize its emissions.

“One third is a shareholder rebellion," said Follow This founder Mark van Baal, referring to the Chevron vote. "Together with these investors we have to convince the other investors to vote in favor of Paris-alignment as well." 

Investors' more management-supportive stance coincides with this year's surge in energy prices and follows greater efforts by producers to transition to lower-carbon fuels.

Shareholders earlier blocked proposals to accelerate carbon emission reductions at oil and gas producers TotalEnergies, BP (NYSE:BP) PLC, Shell (LON:RDSa), Occidental Petroleum Corp (NYSE:OXY) and ConocoPhillips (NYSE:COP).

U.S. Oil investors back energy transition plans at shareholder meetings
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (3)
Andrew Ulferts
Andrew Ulferts May 26, 2022 8:16PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I can’t tell you how many of my posts this app censors. I just posted a comment that said oil investors don’t want to transition away from oil. Right? Blackrock and Vanguard.
Andrew Ulferts
Andrew Ulferts May 26, 2022 8:12PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Let’s be honest. It was Blackrock and Vanguard that voted for it. No real oil investors want to transition away from oil… Make sense? You smell what I’m steppin’ in? They think you are stupid. If you don’t agree with what I just said, maybe you are. But you do, and you’re not.
Antonio Rivolta
Antonio Rivolta May 25, 2022 11:23PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
can you fix the link with shell new code
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email